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About Cresud S.A.C.I.F. y A.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY) is a diversified Argentine company with a strong presence in the agriculture and real estate sectors, primarily operating in Latin America. The company is a key player in the agricultural industry, specializing in the production of grains, sugarcane, meat, and milk. Its agricultural operations are divided into four core segments: Agricultural Production, Land Transformation and Sales, Corporate, and Other Activities. These activities encompass everything from cultivating oilseed grains and cereals to livestock production and land development.
In addition to its agricultural ventures, Cresud has a significant footprint in the real estate market through its subsidiary, IRSA (Inversiones y Representaciones Sociedad Anónima). This arm of the business focuses on the acquisition, development, and management of urban properties, including shopping malls, office spaces, hotels, and residential developments. The real estate division is further segmented into five categories: Shopping Malls, Offices, Sales and Developments, Hotels, and Other Activities, reflecting a comprehensive approach to urban property investment and management.
Cresud's dual focus on agriculture and real estate allows it to leverage synergies between these sectors. For instance, the company’s expertise in land transformation not only supports its agricultural operations but also enhances its real estate development initiatives. This diversified business model helps mitigate risks associated with the cyclical nature of agricultural markets by providing more stable income streams from real estate investments.
Operating primarily in Argentina and expanding its reach across other Latin American countries, Cresud is strategically positioned to capitalize on the region's abundant natural resources and growing urbanization trends. However, its operations are also influenced by regional economic conditions, including currency fluctuations, regulatory changes, and market competition.
Through its integrated approach to agriculture and real estate, Cresud has established itself as a unique player in its industry, balancing growth opportunities with risk management to deliver value across its diverse business segments.
IRSA Inversiones y Representaciones S.A. (NYSE: IRS), a leading real estate firm in Argentina, reported its financial results for the second quarter of FY 2023 ending December 31, 2022. The company recorded a net profit of ARS 15,436 million, down from ARS 49,712 million in the prior year. Rental adjusted EBITDA rose 47.5% to ARS 15,471 million, driven by strong performance in shopping malls and hotels. Tenant sales in malls increased by 22.2%. The occupancy rates for shopping malls, office portfolios, and hotels improved to 93.9%, 83.8%, and 71.4%, respectively. Despite these gains, a fair value adjustment resulted in a loss of ARS 29,530 million, raising concerns about asset valuations.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY) reported a profit of ARS 5,233 million for Q1 FY 2023, slightly down from ARS 5,195 million in Q1 FY 2022. The adjusted EBITDA fell 14.3% to ARS 7,955 million, with agribusiness EBITDA dropping 57.3% due to lower sugarcane production in Brazil. The company is planting 260,000 hectares amid favorable international commodity prices. Cresud's subsidiary Brasilagro acquired a 10,800-hectare farm in Brazil and repurchased 0.96% of its capital stock for ARS 990 million, distributing a cash dividend of ARS 3,100 million to shareholders.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY), a leading Argentine agricultural company, reported robust results for its Fiscal Year 2022, which ended on June 30, 2022. Highlights include a grain production of 800,000 tons across 254,000 hectares, adjusted EBITDA of ARS 47,739 million (up 10% from FY 2021), and a net gain of ARS 63,000 million, reversing the previous year's loss. The agricultural revenue reached ARS 64,408 million, while urban properties generated ARS 25,593 million. The firm is also actively repurchasing shares, with 99% of its ARS 1,000 million plan completed.
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) announced an extension to the expiration date for its exchange offer for existing notes. Originally set to expire on June 29, 2022, the new expiration date is July 6, 2022. The offer includes an exchange of USD 113.16 million of 6.50% Series No. 23 Notes due 2023 for 8.00% Series No. 38 Notes due 2026. As of June 28, 2022, approximately 65.84% of the existing notes, worth USD 74.51 million, were tendered.
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria has announced an exchange offer for its Series XXXVIII Notes to holders of the Series XXIII Notes, totaling USD 113,158,632. The new notes, not exceeding USD 82,605,801, will have a fixed interest rate of 8.00% per annum and mature on March 3, 2026. The offer, authorized by Argentina's Central Bank, is designed to refinance existing liabilities and does not involve cash proceeds for the company. The offer commenced on June 16, 2022 and expires on June 28, 2022.
Cresud reported a significant net profit of ARS 31,657 million for the nine-month period ending March 31, 2022, compared to a loss of ARS 14,318 million in the same period last year. Adjusted EBITDA rose to ARS 29,536 million, with agribusiness EBITDA up by 35.7% to ARS 18,276 million, driven by strong performance in grains and sugar cane. Revenue from agricultural business surged to ARS 38,045 million, while gross margins improved despite rising costs.
Cresud, an Argentine agricultural company, reported a net profit of ARS 38,030 million for the first half of FY 2022, up from a loss of ARS 4,924 million in FY 2021. This improvement is attributed to strong agricultural operating results and gains from fair value changes in investment properties. Adjusted EBITDA rose by 21.7% to ARS 15,829 million. Agricultural revenue increased to ARS 25,047 million, while urban properties revenue also grew. A merger involving subsidiaries is underway, affecting CRES's stake in IRSA.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY), an Argentine agricultural leader, reported a net result of ARS 2,838 million for Q1 FY 2022, a significant decline from ARS 11,476 million in Q1 FY 2021. Adjusted EBITDA fell by 31.5% to ARS 5,381 million, largely due to urban business performance, despite stable agribusiness segment earnings of ARS 3,593 million. The company aims to plant 262,000 hectares amidst rising costs but higher international commodity prices. Notably, two farm sales by subsidiary Brasilagro totalled BRL 719.1 million.
Cresud announced its fiscal year 2021 results, ending June 30, 2021. The agricultural segment showed strong performance with a record production of 844,000 tons from 260,000 hectares. Adjusted EBITDA for this segment reached ARS 13,613 million, a 33% increase from the previous year. However, the company reported a net loss of ARS 24,503 million due to tax changes and discontinued operations. The urban properties segment saw a 55% drop in rental EBITDA to ARS 4,215 million amid pandemic impacts.
Cresud, a leading Argentine agricultural company, reported significant losses in its fiscal year 2021 results. The company recorded a net loss of ARS 9,231 million, compared to a profit of ARS 10,589 million in the previous year. Despite this setback, adjusted EBITDA increased by 40.5% to ARS 20,705 million. The agribusiness sector showed resilience with a 15.4% increase in adjusted EBITDA, totaling ARS 9,215 million. Furthermore, the company expanded its stake in Brasilagro and achieved a record grain production expectation of 850,000 tons.
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